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I'm a property investor and recently my loans have come out

Customer Question
I'm a property investor and...
I'm a property investor and recently my loans have come out of their fix rate entitlements. I've asked the bank if I can extend my loan for a further 30 years or some term like that so I can pay off the loan via P&I at a reasonable level which is now a requirement. I'm not upset about paying a P&I rate as it makes sense in the long term. The bank I'm dealing with has refused to do this and put me in a situation of financial hardship where my repayments are double of the repayments if I was to refinance. They say I no longer meet their lending criteria It appears they are wanting me to sell an asset which was for my retirement super. I find it amazing that they say I can't afford a loan I have with them but then they make me pay double the amount pushing me to a point of hardship.
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: WA
JA: Has anything been filed or reported?
Customer: Not sure how to do that or where to go even. I'm mike
JA: Anything else you want the lawyer to know before I connect you?
Customer: no
Submitted: 28 days ago.Category: Australia Law
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Answered in 5 minutes by:
11/21/2017
Solicitor: John Melis,
 replied 28 days ago
John Melis
Category: Australia Law
Satisfied Customers: 1,001
Experience: Principal Lawyer at Legal AU Pty Ltd
Verified

Dear customer, my name is***** solicitor in Melbourne, thank you for using Just Answer, I will assist with your question today.

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Solicitor: John Melis,
 replied 28 days ago

Did you receive written notice from the bank?

And can you upload this notice so I can review.

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Customer reply replied 28 days ago
Sorry but I'm at work and don't have the documents with me today.
Solicitor: John Melis,
 replied 28 days ago

totally understand.

Have you requested from the lender the hardship package to use a relief for the time being while you refinance ?

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Deborah Awyzio
Deborah Awyzio
Deborah Awyzio, Solicitor
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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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